GOLDEN, COLO., October 17 /CNW/ - New Horizon Uranium Corporation (TSX
VENTURE: NHU) is pleased to announce results from its initial drilling program
recently completed at its Summit Project, located in San Miguel County,
New Horizon is encouraged by the lithology (rock types) encountered in
the holes and confirmation of ore-grade uranium mineralization within the
historic "Geisinger Orebody" located on the Geisinger Lease.
New Horizon completed 21 rotary drill holes totaling approximately 15,960
feet on the Geisinger and Hankins leases during August and September 2007.
Eight of these holes were along a 6,000-foot portion of a 3-mile
mineralization trend delineated by Union Carbide Corporation during the early
1970's. At the time this initial drilling phase for Summit was planned, New
Horizon controlled, through fee leases and federal mining claims,
approximately one-third of the three-mile trend. New Horizon now controls more
than two-thirds of the trend, including the most strongly mineralized portions
evidenced by the historic Union Carbide and Phillips Uranium drill data. The
other thirteen of the recent twenty-one holes were spread across New Horizon's
lease holdings to the south of the high potential mineral trend described
One hole was strongly mineralized, three holes were weakly mineralized,
five holes encountered anomalous mineralization and twelve holes were barren.
The lower uranium values and barren holes provide New Horizon a better
definition of the mineralized trend form and will be an important guide for
planning the next round of drilling.
-- Hole 6-5, located within an un-drilled area at the edge of the
historic "Geisinger Orebody" encountered 5.0 feet of 0.31% U3O8. Vanadium is
estimated to be at least 8 times the uranium values in this hole based on
historic production from the adjacent Deremo Mine.
-- Holes 6-1, 6-6, and 6-12 all encountered mineralization in favorable
sands along the projected trend.
-- All holes were drilled to a depth of more than 700 feet to test both
the upper and lower Top Rim sands. Mineralization and anomalous gamma
measurements in Holes 6-8, 6-10, and 6-11 confirm the lower Top Rim sand as
prospective in the areas drilled.
New Horizon is planning an additional program of rotary drilling at
Summit to confirm mineralization in two newly acquired leases as well as
extend the historic "Geisinger Orebody". The short-term goal is to define a
resource on New Horizon ground in the near term, possibly in the next round of
drilling. Timing of the next drilling phase will be dictated by weather
conditions and approval of the drilling permit amendment.
The Summit Project consists of more than 3,000 acres of fee leases and
federal mining claims, and is 100% controlled by New Horizon.
Bill Wilson, President and COO of New Horizon, said, "We are pleased with
this significant mineralization at Summit, and look forward to expanding this
as well as confirming the indicated historic mineralization on two newly
acquired properties. We are also now in a much better position to define our
next drill hole targets. "
The following table indicates uranium intercepts for the twenty-one holes
completed during the recent drilling program (August-September, 2007):
Depth to Bottom
Hole Number of Mineral Thickness (Feet) Grade (%U3O8)
------------ ---------------- ---------------- ------------------
6-1 669.0 1.0 0.01
6-5 661.0 5.0 0.31
6-6 654.5 1.5 0.03
6-7 667.0 2.0 Anomalous
6-8 656.0 1.0 Anomalous
699.0 1.0 Anomalous
6-9 570.0 10.0 Anomalous
6-10 677.0 2.0 Anomalous
704.0 2.0 Anomalous
6-11 715.0 1.0 Anomalous
6-12 675.0 2.5 0.03
This news release has been reviewed by William R. Wilson (Aus.I.M.M.),
the Company's President and Chief Operating Officer and a "qualified person"
(as such term is defined in National Instrument 43-101).
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements; these statements
relate to future events or future performance and reflect management's current
expectations and assumptions. Such forward-looking statements reflect
management's current beliefs and are based on information currently available
to the management of New Horizon. A number of factors could cause actual
events, performance or results to differ materially from the events,
performance and results discussed in the forward-looking statements. These
forward looking statements are made as of the date hereof, and New Horizon
does not assume any obligation to update or revise them to reflect new events
For further information:
For further information: New Horizon Uranium Corporation William R.
Wilson, 303-422-7803 President and Chief Operating Officer Fax: 303-940-9572
or Joseph B. Young, 303-938-6854 Investor Relations